DGAP-News: BayWa AG continues to expand its international operations by entering the US wind power business
(firmenpresse) - DGAP-News: BayWa AG / Key word(s): Acquisition
BayWa AG continues to expand its international operations by entering
the US wind power business
29.08.2011 / 09:01
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BayWa continues to expand its international operations by entering the US
wind power business
Munich, 29 August 2011 - BayWa AG is expanding its international operations
by stepping up its activities in the field of renewable energies: The
trading group has entered the wind power project business in the USA
through its wholly-owned US subsidiary BayWa r.e USA LLC.BayWa r.e has
acquired 70 percent of WKN USA, LLC from Windkraft Nord USA, Inc., a
subsidiary of WKN AG. WKN AG is an international wind power project
management company based in Germany in which, among other companies,
Siemens Project Ventures GmbH (SPV), part of Siemens Financial Services
(SFS), also holds shares.A stake of 30 percent in the shares in WKN USA
will remain with WKN AG and the management.
Due to the assumption of net liabilities of approximately USD 15 million,
the acquisition of the company shares does not result in the payout of a
purchase price.
WKN USA has established itself as a well-known project developer of wind
farms and, along with other projects, has built the USA's highest wind park
to date with a hub height of 105 meters for an Italian energy provider.
BayWa has secured great potential for realising onshore wind projects in a
number of US federal states through this new investment in the USA. The
project pipeline comprises around 110 megawatts (MW) in ready-to-build
projects plus a pipeline of 1,000 MW.
'Following our successful entry into the photovoltaic wholesale business at
the end of last year, this acquisition will now enable us to expand our
renewable energies activities in the USA to include wind power. We made a
promise to our investors to grow our international operations and have now
established ourselves in both the UK and the USA in the wind power and
solar businesses', explained Klaus Josef Lutz, Chief Executive Officer of
BayWa AG.
'This acquisition underscores our strategy of expansion in a profitable
future-oriented market, as there are huge growth opportunities for wind and
solar in the USA. We also see great potential in the partnership with WKN
AG', added Roland Schuler, Board member responsible for BayWa's Energy
Segment.
'The American renewable energies market isonly at the beginning of
leveraging its potential. In BayWa we have found a strong partner for the
future when we will be realising these growth opportunities', stated
Florian Zerhusen, Chief Executive Officer of WKN USA.
BayWa r.e GmbH is a wholly-owned subsidiary of BayWa AG.The Group has
concentrated all its activities in the field of renewable energies under
BayWa r.e and is positioning itself in this growth market.Through the
subsidiaries of BayWa r.e, which operate internationally in the areas of
biogas and photovoltaic plants and wind farms, BayWa has established itself
as a project developer and trader in the renewable energies sector.
WKN AG develops, builds and sells turnkey wind power projects in Europe,
North America and South Africa. As the first German wind park developer,
WKN AG has successfully positioned itself in the high-growth US-market
through its subsidiary Windkraft Nord USA, Inc.
(www.windkraftnord.com).Over the last20 years, WKN AG has developed and
realized more than 80 wind power projects with an installed capacity of
more than 1,000 MW. (www.wkn-ag.de)
Siemens Project Ventures GmbH (SPV) is a company of Financial Services
(SFS), the finance division of Siemens. Together with renowned partners,
SPV has with equity capital contributions been involved worldwide in the
development of infrastructure projects, particularly in the energy,
transport and healthcare sectors. SPV has already participated in the
development of 14 international power plant projects with an overall
capacity of more than 8.000 MW as well as in three telecommunication
projects, two medical centers and an airport, with a cumulative project
volume of 10 billion USD.
The Siemens cross sector Financial Services (SFS) is an international
provider of financial solutions in the business-to-business area. With
about 2,000 employees and an international network of financial companies
coordinated by Siemens Financial Services GmbH, Munich, SFS supports
Siemens as well as non-affiliated companies, focusing on the three sectors
of energy, industry and healthcare. SFS finances infrastructure, equipment
and working capital and act as a competent manager of financial risks
within Siemens. For more information see: www.siemens.com/finance.
Contact:
Marion Danneboom, BayWa AG, Head of PR/Corporate Communication,
tel. +49 (0)89/92 22-36 80, Fax +49 (0)89/92 22-36 98,
e-mail: marion.danneboom(at)baywa.de
End of Corporate News
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29.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: BayWa AG
Arabellastraße 4
81925 München
Germany
Phone: 089/ 9222-3691
Fax: 089/ 9222-3698
E-mail: marion.danneboom(at)baywa.de
Internet: www.baywa.de
ISIN: DE0005194062, DE0005194005,
WKN: 519406, 519400,
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
Stuttgart
End of News DGAP News-Service
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137235 29.08.2011
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Datum: 29.08.2011 - 09:01 Uhr
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